Cash 4 Homes from Planet Home Lending

Tired of losing out in today’s highly competitive market?

Secure your dream home with the power of Planet’s Cash 4 Homes program. We offer the following:

  • Cash 4 Homes Closing Guarantee
  • Cash 4 Homes Financing Option
  • Cash 4 Homes Cash Option

 

Closing Guarantee

Financing Option

Purchase Option

Appraisal Contingency Not Required

 

x*

x

Financing Contingency Not Required

x

x

x

Leaseback Permitted

 

x**

x*

*FHA and VA loan program is ineligible.
**FHA loan program is ineligible.

 

How does the Cash 4 Homes Closing Guarantee work?  The Cash 4 Homes Closing Guarantee allows you to waive the financing contingency when you make your offer to purchase a home. If you are not able to obtain financing before the closing date, Planet Management Group, LLC (“PMG”), a subsidiary of Planet Home Lending, LLC (“Planet”), will purchase the home from the seller and you will purchase the home from PMG once your financing is approved. This gives the seller peace of mind since the sale of the property is not contingent on your ability to obtain financing.

How does the Cash 4 Homes Financing work?  The Cash 4 Homes Financing option allows you to waive the financing and appraisal contingencies when you make your offer to purchase a home. You will work to obtain financing, with the Cash offer as a backup. If you are not able to obtain financing before the agreed-upon closing date, PMG, a subsidiary of Planet, will purchase the home from the seller and you will purchase the home from PMG once your financing is approved. This gives the seller peace of mind since the sale of the property is not contingent on your ability to obtain financing or an appraisal.

How does the Cash 4 Homes Cash Option work?  The Cash 4 Homes Cash Option allows you to waive financing and appraisal contingencies because PMG will make the cash offer to purchase your identified home. You will choose to have PMG purchase the home from the seller and you will purchase the home from PMG once your financing is approved. This gives the seller peace of mind since the sale of the property is not contingent on financing or an appraisal.

Will my Cash 4 Homes offer contain other contingencies? Yes, to make the Cash 4 Homes Closing Guarantee work, we’ll need to ensure that you have the right to inspect the property and obtain an appraisal. For the Cash 4 Homes Financing and Cash Options, you have the choice to waive both the financing and appraisal contingencies.

How much does the Cash 4 Homes program cost? The total cost to you can range from 0% to 5% of the purchase price depending on whether you obtain financing timely and whether PMG is required to purchase the home. The full details regarding the cost of the program are set forth in the program agreement. However, the below table sets forth a summary of the total program costs.

Example 1 – Buyer uses a mortgage loan from Planet to purchase the Property and the property’s appraised value is equal to the PMG Purchase Amount.

PMG Purchase Amount:

$300,000

Appraised Value:


$300,000

Buyer Purchase Price:

$300,000

Rent Amount:


$2,000

Earnest Money:



PMG retains the 2% earnest money which was disbursed on the Closing Date. 

Example 2 – Buyer uses a mortgage loan from Planet to purchase the Property and the property’s appraised value is higher than the PMG Purchase Amount.

PMG Purchase Amount:

$300,000

Appraised Value:


$310,000

Buyer Purchase Amount:

$300,000

Rent Amount:


$2,000

Earnest Money:



PMG retains the 2% earnest money which was disbursed on the Closing Date. 

Example 3 – Buyer uses a mortgage loan from another lender to purchase the Property and the property’s appraised value is equal to the PMG Purchase Amount.

PMG Purchase Amount:

$300,000

Appraised Value


$300,000

Buyer Purchase Price:

$300,000

Rent Amount:


$2,000

Earnest Money:



PMG retains the 5% earnest money which was disbursed on the Closing Date. 

Example 4 – Buyer uses a mortgage loan from another lender to purchase the Property and the property’s appraised value is higher than the PMG Purchase Amount.

PMG Purchase Amount:

$300,000

Appraised Value


$310,000

Buyer Purchase Price:

$310,000

Rent Amount:


$2,000

Earnest Money:



PMG retains the 5% earnest money which was disbursed on the Closing Date. 

Example 5 – Buyer does not purchase the Property from PMG.

PMG retains the earnest money which was disbursed on the Closing Date. 

Am I eligible for the Cash 4 Homes Closing Guarantee? To determine eligibility, you’ll need to work with a Planet mortgage loan originator. However, to be eligible for the program you’ll generally need to satisfy the following requirements: (1) Be using the loan to purchase your primary residence; (2) Be using the loan to purchase an existing home (i.e. you cannot use the loan for new construction or renovations); (3) Be using the loan to purchase a property located in an eligible metropolitan location; (4) Be looking for a conventional conforming, conventional high balance, FHA, or VA loan; (5) Be eligible for automated underwriting; (6) Have a minimum FICO score of 640; (7) Have a loan to value ratio of 95% for conventional loans and 96.5% for FHA and VA loans; and (8) Have obtained a Cash 4 Homes preapproval.

Am I eligible for the Cash 4 Homes Financing and Cash Options? To determine eligibility, you’ll need to work with a Planet mortgage loan originator. However, to be eligible for the program you’ll generally need to satisfy the following requirements: (1) Be using the loan to purchase your primary residence; (2) Be using the loan to purchase an existing home (i.e. you cannot use the loan for new construction or renovations); (3) Be using the loan to purchase a property located in an eligible metropolitan location – Colorado, Nevada, or Texas; (4) Be looking for a conventional conforming or conventional high balance loan; (5) Be eligible for automated underwriting; (6) Have a minimum FICO score of 640; (7) Have a loan to value ratio of 95% for conventional loans; and (8) Have obtained a Cash 4 Homes preapproval loan.

Cash 4 Homes program Terms and Conditions:

The Cash 4 Homes program provides options for a guarantee from Planet Management Group (“PMG”) that Planet Home Lending, LLC (“Planet”) will close on or before the contract closing date or PMG will purchase the home from the seller for cash.  To qualify for Cash 4 Homes, the following must be met, among others:

  • All conditions listed in the purchase contract must be met
  • Borrower(s) must qualify for the loan program selected
  • Borrower(s) must satisfy all underwriting requirements and conditions, both during the pre-approval process and full loan application
  • Borrower(s) must provide all required documentation and pay any applicable costs within the timeframes allotted
  • For an FHA or VA borrower, the property value as determined by appraisal or other applicable valuation must meet or exceed sales price
  • Purchase property must be a primary residence
  • Purchase property must be a single-family residence
  • Planet must obtain a clear final title policy and have a valid and enforceable lien in first position
  • Other terms, conditions, and limitations may apply depending on which Cash 4 Homes option is chosen

The closing date must be 21 business days or later from the date of the fully executed purchase contract. This program is not an offer or an inducement by Planet to enter into an agreement to make a loan, nor a guarantee or lock of a specific interest rate or number of discount points.

Planet does not have control over third-party delays, including but not limited to appraisers, title companies, and other settlement providers. Cash 4 Homes Financing and Cash options are currently limited to metropolitan statistical areas in CO, NV, and TX. Cash 4 Homes Closing Guarantee is available in all Planet licensed states, except U.S. Virgin Islands, Puerto Rico, D.C., HI, MA, and NY and is limited to eligible metropolitan statistical areas. Rural properties are not eligible. Loan programs ineligible for Cash 4 Homes are Bond Loans, USDA, Renovation, Fannie Mae HomeReady, FHA 203K, Jumbo, Non-QM, Down Payment Assistance Programs, and Manufactured Housing. The Cash 4 Homes program is subject to change or termination without notice and expires on July 30, 2022. Purchase contracts must be signed prior to the program expiration date. It is recommended you review all documentation with a qualified attorney before executing any agreements.

Equal Housing Lender. © 2022 Planet Home Lending, LLC | 321 Research Parkway, Suite 303, Meriden, CT 06450 (203) 265-5090 | For licensing information, go to: www.nmlsconsumeraccess.org | NMLS ID #17022, AZ Mtg. Banker Lic MB-0929069, Licensed by The Department of Financial Protection and Innovation under the CA Residential Mtg. Lending Act Lic #: 4130947, IL Residential Mtg. Licensee, Licensed by the NH Banking Dept., Licensed by the NJ Dept. of Banking and Insurance, OH Mortgage Broker Act Mtg., Rhode Island Licensed Lender, TX location 5020 Riverside Dr, Suite 300, Irving, TX 75039, Licensed Mortgage Banker—NYS Department of Financial Services.

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